Canadian government official says bitcoin not a legal tender

Canada North America

According to a Wall Street Journal report, an unnamed official from Canada’s Department of Finance said that bitcoin is not considered legal tender in the country and that only Canadian bank notes and coins are recognized as such.

Furthermore, he added that both the government and the regulators monitor developments on the cryptocurrencies market and will continue to do so.

In its report, the WSJ also cites an official from the Bank of Canada who said that bitcoin becoming large enough to pose a risk to the country’s financial system would be a signal for the regulator to place a greater interest in it.

 

About the author

Maciek Klimowicz

Maciek Klimowicz

A seasoned writer and editor with 10 years of experience in a variety of print and online media. Recognizing the transformative potential of the blockchain technology, Maciek has now put his pen to work to explore the key issues of this fast-evolving sector. Contact him on [email protected].

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